EPFO can announce today the PF interest rate for the 2020-21 fiscal year. Some media reports indicate that the interest rate ranges from 8.30% to 8.50%. If EPFO announces an interest rate of 8.30%, it will be the lowest interest rate in ten years.
May maintain an interest rate of 8.50%
A meeting of the EPFO Central Board of Directors is being held in Srinagar. Interest rates will be discussed at this meeting and announced after approval. The meeting of EPFO’s Financial Advisory Committee was held on Wednesday evening. However, the source said that EPFO can retain the 8.50% interest rate of the previous year (2019-20). The 8.50% interest rate will comfort donors because it is expected to be lacking. If this happens, it will be the lowest PF interest rate in ten years.
EPFO income is enough, it is not difficult to pay 8.5% interest
According to sources, there should be no problem with EPFO paying interest between 8.30% and 8.50% from income this time. There are many concerns about interest rates in 2019-20. There is also the issue of equity sales and interest deductions.
Some people worry that EPFO will not be able to pay 8.50% interest. However, even after the 8.50% interest was announced, the money was not deposited into EPFO’s 4 million subscriber accounts on time due to the KYC mismatch. However, everyone is paying attention to EPFO interest rates in 2020-21. However, EPFO is expected to pay 8.50% interest this time as it did last year.
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